Inward orientation contributes to economic growth by lowering balance of payment deficitsA. TrueB. False

The statement "Inward orientation contributes to economic growth by lowering balance of payment deficits" is generally considered B. False.

Explanation:

Inward orientation often refers to economic policies focused on developing domestic industries and reducing reliance on foreign goods and services. While this approach may aim to circumvent balance of payment deficits by limiting imports and promoting local production, it can also lead to inefficiencies, lack of competition, and lower overall economic growth in the long run.

On the other hand, outward orientation, which emphasizes exports and integration into the global economy, is often more effective in promoting sustainable economic growth and improving the balance of payments. Thus, the statement is misleading and the correct answer is B. False.